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Company registration number: 00472895
C Wright (Farmers) Ltd
Unaudited filleted financial statements
30 November 2023
C Wright (Farmers) Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
C Wright (Farmers) Ltd
Directors and other information
Directors Mr Richard John Wright
Mr Andrew Charles Wright
Secretary Mr Andrew Charles Wright
Company number 00472895
Registered office Church Road
Old Leake
Boston
Lincs
PE22 9LD
Business address Church Road
Old Leake
BOSTON
Lincs
PE21 9NU
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
C Wright (Farmers) Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of C Wright (Farmers) Ltd
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of C Wright (Farmers) Ltd for the year ended 30 November 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of C Wright (Farmers) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of C Wright (Farmers) Ltd and state those matters that we have agreed to state to the board of directors of C Wright (Farmers) Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C Wright (Farmers) Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that C Wright (Farmers) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of C Wright (Farmers) Ltd. You consider that C Wright (Farmers) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of C Wright (Farmers) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
31 January 2024
C Wright (Farmers) Ltd
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 423 423
Tangible assets 6 5,405,602 5,428,742
_______ _______
5,406,025 5,429,165
Current assets
Stocks 344,305 565,983
Debtors 7 204,737 282,200
_______ _______
549,042 848,183
Creditors: amounts falling due
within one year 8 ( 2,252,901) ( 2,577,965)
_______ _______
Net current liabilities ( 1,703,859) ( 1,729,782)
_______ _______
Total assets less current liabilities 3,702,166 3,699,383
Creditors: amounts falling due
after more than one year 9 ( 2,255,739) ( 2,223,517)
Provisions for liabilities ( 199,336) ( 157,608)
_______ _______
Net assets 1,247,091 1,318,258
_______ _______
Capital and reserves
Called up share capital 10 5,000 5,000
Profit and loss account 1,242,091 1,313,258
_______ _______
Shareholders funds 1,247,091 1,318,258
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
Mr Andrew Charles Wright
Director
Company registration number: 00472895
C Wright (Farmers) Ltd
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Church Road, Old Leake, Boston, Lincs, PE22 9LD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Implements & utensils - 10 % reducing balance
Tractors - 15 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 December 2022 and 30 November 2023 22,599 22,599
_______ _______
Amortisation
At 1 December 2022 and 30 November 2023 22,176 22,176
_______ _______
Carrying amount
At 30 November 2023 423 423
_______ _______
At 30 November 2022 423 423
_______ _______
6. Tangible assets
Land & buildings freehold Implements & utensils Tractors Motor vehicles Total
£ £ £ £ £
Cost
At 1 December 2022 3,312,553 1,564,950 2,442,986 27,900 7,348,389
Additions - 121,346 281,603 - 402,949
Disposals - ( 70,530) ( 187,000) - ( 257,530)
_______ _______ _______ _______ _______
At 30 November 2023 3,312,553 1,615,766 2,537,589 27,900 7,493,808
_______ _______ _______ _______ _______
Depreciation
At 1 December 2022 53,328 698,708 1,159,799 7,812 1,919,647
Charge for the year 2,967 92,760 192,486 4,018 292,231
Disposals - ( 35,722) ( 87,950) - ( 123,672)
_______ _______ _______ _______ _______
At 30 November 2023 56,295 755,746 1,264,335 11,830 2,088,206
_______ _______ _______ _______ _______
Carrying amount
At 30 November 2023 3,256,258 860,020 1,273,254 16,070 5,405,602
_______ _______ _______ _______ _______
At 30 November 2022 3,259,225 866,242 1,283,187 20,088 5,428,742
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 170,315 218,230
Prepayments and accrued income 34,422 43,561
Other debtors - 20,409
_______ _______
204,737 282,200
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 348,801 530,195
Trade creditors 18,649 93,941
Accruals and deferred income 58,405 59,103
Social security and other taxes 15,386 5,082
Obligations under finance leases 124,143 67,202
Other creditors 1,687,517 1,822,442
_______ _______
2,252,901 2,577,965
_______ _______
The bank overdraft and loan at a value of £348,801 are secured by a fixed and floating charge over the companys assets.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 2,153,005 2,156,640
Obligations under finance leases 102,734 66,877
_______ _______
2,255,739 2,223,517
_______ _______
The loan at a value of £2,153,005 are secured by a fixed and floating charge over the companys assets.
Included within creditors: amounts falling due after more than one year is an amount of £ 1,046,133 (2022 £ 1,060,221 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within creditors: amounts falling due after more than one year is an amount of £ 1,000,000 (2022 £ 1,000,000 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 5,000 5,000 5,000 5,000
_______ _______ _______ _______
11. Contingent assets and liabilities
An unlimited guarantee has been granted to the Bankers of Charles Wright & Sons LImited.